Downtown Building Sold To Local Restaurant Chain For $3 Million

Pratt Thomas, CCIM,  Merrill P. Thomas Co., Inc., represented the seller (an Australia-based company) and John Vallas, Vallas Realty Inc., represented the buyer (a local restaurant chain)  in the sale of 358 and 360 Dauphin Street in downtown Mobile for $3 million. This mixed-use property includes two commercial units and eight apartments units that encompass historic landmark buildings with significant potential for growth. Situated directly across from the Cathedral Basilica of the Immaculate Conception and Cathedral Plaza in the "Lower Dauphin Street District," the property is strategically positioned within an "Opportunity Zone," spanning approximately 15 blocks along Mobile’s primary commercial thoroughfare. The property is surrounded by a vibrant mix of hotels, restaurants, art galleries, boutique shops, office buildings and various other enterprises.  In 2015, a $3 million revitalization project was successfully completed, skillfully preserving the buildings’ historic character, including its rustic textures, while seamlessly integrating modern improvements and open floor plans for contemporary apartments. The ground floor consists of two commercial units. One unit is occupied by Lupercalia Art Gallery. The other is currently vacant but was most recently occupied by Southern National restaurant. The buyer plans to use the vacant space to open a restaurant.